Ever wonder why you shouldn’t attempt to draft your own estate plan? Listen in as Michael Wild shares real world experiences to help illustrate the dangers involved in creating your own estate plan. Making a mistake within the drafting or execution of your estate plan can have real consequences and may result in your wishes not being honored. Call us today for your free consultation at (954) 944-2855.
It’s A Wild World. Are You Protected? SM
Some artists are fortunate enough to experience a thriving career for a solid decade. Legendary artist David Bowie was able to remain relevant and thrive for more than 40 years. Bowie, perhaps best known for his glam rock style and movie role in The Labyrinth, passed away at the age of 69 after battling cancer for more than a year. It’s hard to imagine what his family is experiencing during this troubling time. Their main focus should be on grieving and consoling one another (and hopefully it is). Unfortunately, if Bowie didn’t have an estate plan in place this very emotional time may become clouded with legal matters.
Benjamin Franklin put it best when he said “if you fail to plan, you are planning to fail.” While this quote can undoubtedly be applied to many areas of your life, it is especially true when it comes to estate planning. Estate planning is planning for the distribution or management of your assets in the event that you should become incapacitated or pass away. The Last Will and Testament is likely the most basic estate planning technique and one everyone should have. If you are skeptical, then keep in mind that Benjamin Franklin quote as I illustrate what will happen in the event that you don’t have a will in place. By failing to create a will you are surrendering control over your assets and allowing the state to begin making some very important decisions on your behalf. The state will decide who will raise your minor children (should you have any), who will act as personal representative and statute will determine who will receive your assets. This could mean that someone you do not like could end up inheriting all that you own. Unfortunately, whether you have a will or not, your loved ones will be subject to the probate process (the legal process of administering the decedent’s estate). However, with a will you can eliminate a lot of stress involved with the probate process, potential arguments between loved ones and ensure that your wishes are not only heard but followed.
You may not be a rock legend like Bowie but you certainly have acquired assets through hard work just as he has. Don’t fail to plan, call the attorneys at Wild, Felice & Partners, P.A. today at 954-944-2855 and schedule your free consultation.
For more information on Estate Planning, Asset Protection and Probate, visit our website at www.wfplaw.com.
It’s A Wild World. Are You Protected? SM
Did you know that fitness or “getting in shape” is in the top three for most popular New Year’s Resolutions? It’s not surprising either. Who doesn’t want to have more energy, look their best and live longer! With a longer life comes the opportunity to try new things and make new memories with those you love. However, while your years on Earth increase your chances of one day becoming incapacitated increase along with it, which is why estate planning should also be on your list this year.
Commonly, people associate becoming incapacitated with growing old and “breaking down.” The truth is anyone can become incapacitated at any time due to a number of factors, including unforeseen illness or accidents. While no one wants to think that anything like this could ever happen to them, the truth remains that none of us have a crystal ball and we can’t predict our own futures. This is why it’s important to ask yourself some important questions: Who do I want making my financial decisions if I can’t do so myself? Who do I trust accessing my personal accounts? Who is it that I want accessing my medical records and making healthcare decisions for me? If I end up being kept alive by artificial means, do I want to be sustained that way indefinitely? Questions such as these are important to consider when creating your incapacity documents: the Durable Power of Attorney, Healthcare Surrogate, HIPAA Release form, and Living Will.
Durable Power of Attorney: allows you to appoint the individual you see fit to make all of your financial decisions, should you become incapacitated or otherwise unaware of your surroundings. With the
Designation of Health Care Surrogate: you are able to designate a health care surrogate to handle your medical decisions, should you become incapacitated or otherwise unaware of your surroundings.
HIPAA Release Form: will allow your Health Care Surrogate to have access to your medical records to help them make a better informed decision.
Living Will: is an important document that allows your health care surrogate to give the doctor the necessary authorization to “pull the plug” if you are being kept alive by artificial means.
All incapacity documents are included in our Will based plans as well as our Trust based plans. No need to stress over which is the better plan for you; the attorneys at Wild, Felice & Partners will help you make this important decision based off of your goals.
Continue to pursue a healthier happier you but also consider being proactive and protecting this new version of you! Prepare yourself for the unpredictable by calling the South Florida firm of Wild, Felice & Partners today for your free consultation. Call (954) 944-2855 or visit our website at http://www.wfplaw.com.
It’s A Wild World. Are You Protected? SM
Ashley Madison & Estate Planning: Establishing or Revising your estate plan after divorce.
The rippling effects of the Ashley Madison data leaks are not only sending men and women to the doghouse, but also to their divorce attorneys.
This entire situation is a grave reminder that marriage is not always eternal, and it is advised that you see an estate planning attorney immediately after the initial divorce consultation.
Why should divorce automatically lead to an estate planning update?
If you don’t update your will, trust and beneficiary designations, your ex can inherit them upon your death.
According to the Florida Bar Journal, under Florida law, a surviving spouse is entitled to their share (maybe 100 percent) of the estate and any interest in nontestamentary transfers (e.g., via joint ownership or beneficiary designation) unless a final decree of divorce has been entered.
If the individual does not have a will or estate plan, and has children from a previous marriage, Florida law provides to the surviving spouse the first $60,000 plus one-half of the balance of the estate. One of just many reasons why it is so essential to meet with an estate planning attorney during this time, including the fact that your soon-to-be-ex-spouse probably shouldn’t be the one to decide when to “pull the plug” and remove you from life support.
When one does meet with an estate plan attorney, it is important to ask them the following questions:
We hope this data leak is a little more helpful than the one Ashley Madison provided.
If you are interested in learning more about estate planning or asset protection, please visit www.wfplaw.com or contact us at 954.944.2855.
The death rate in Florida is 100%, which means NO ONE can completely avoid the probate process. The term probate generally refers to the method by which your estate (the totality of the assets in your personal name at death) is administered and processed through the legal system after you die. The probate process helps you divide and assign parts of your estate in an orderly and supervised manner. Your estate must be divided according to the specifics of your Will, if you die with a Will, or according to statute if you die intestate or without a Will. (Your debts and taxes must be paid before your beneficiaries receive their inheritance, for example).
If you have creditors at death, those debts must be satisfied before dividing the remainder of your assets, additionally there may be taxes due and those must be paid before distribution as well. This means that the process of finding your creditors and paying those debts can take months and the distribution of the remainder to your heirs may become complicated. There are legal methods that allow a person to make the process of distributing assets after death more efficient and less costly, which is an advantage to your family and loved ones and a wise investment. Planning for the future will save your family members additional grief and possibly avoid conflict among family members and other beneficiaries.
Having a Will is a solid first step in the right direction to ease the probate process, but that is not all you need. Placing your property in Trust to protect it from creditors, drafting a Power of Attorney, a Living Will and a Designation of Healthcare Surrogate are other methods to ensure that nothing is left to chance, that your family will be protected and that somebody you trust will make legal decisions for you when you are no longer able to make them yourself.
An attorney that specializes in estate planning can help explain the legal tools that are available to each individual depending on their financial situation and their specific needs. Common methods that are utilized to avoid probate are Revocable Trusts which allow your property to be protected from creditors and susceptible to probate. By scheduling a consultation an attorney can better explain the additional benefits of creating a revocable trust and how this can save you time and money in the long run.
It is important to note that you do not have to have a large estate to take advantage of the benefits of having your assets in a trust or any other legal estate planning tools. This is a common misconception, but having an estate plan is something that everyone should give serious consideration to. Additionally, it is also important to mention that although having an estate plan may not seem like a priority to most people, you need to be prepared for any eventuality.
Nobody likes to think about death or incapacity, but these are facts of life and it can happen to any of us at any given time. If you have a family and if you have small children you should plan for their care in case you can no longer care for them and this is something that an estate planning attorney can help you with.
It’s a Wild world. Are you protected? SM
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.
When Relationships End…
Over the Fourth of July weekend we found out that it’s over for Scott Disick and Kourtney Kardashian. Kardashian, 36, and Disick, 32, shared nine years and three children together despite the fact that their relationship was frequently strained by Disick’s drinking problem, partying ways, and his regular stays in rehab including one earlier this year. I bet we all saw that one coming!
The early stages of a romantic relationship and marriage are usually of joy and happiness. When a couple gets married there is little time to contemplate the possibility that maybe someday the relationship may fail, but it can! (Just ask Kourtney Kardashian). Nobody likes to think about that possibility and for the most part, couples trust each other with everything including their assets, even when those assets that are non-marital, that is, the spouse owned the asset before entering into the marriage. The act of mixing non-marital and marital assets (like joint accounts or transferring title of solely-owned property to the marriage) is called “co-mingling”.
The problem that arises when one co-mingles marital with non-marital assets is that in the event that the relationship does fail, equitable distribution may be required and this may mean that a person who did not intend to give up ownership of non-marital assets may end up losing half of their interest in them because he or she failed to keep them separate. Don’t make this rookie mistake!
Failing to keep non-marital assets free from mixing with marital assets creates a presumption that a gift was intended to the other spouse and the burden is on the person that co-mingled non-marital funds to overcome this presumption. Establishing a trust and transferring to it assets that are non-marital, is a great way to keep them protected from the reach of an ex-spouse and by managing it in such a way that marital assets are never transferred into the trust. A Prenuptial Agreement is another commonly used and effective method to protect non-marital assets.
There are other alternatives to ensure that your non-marital (and marital) wealth is protected, but you must seek legal counsel to make sure you can take advantage of all the options available to you. Our firm specializes in wealth and asset protection and can help by providing you with more detailed information and tailored strategies to meet your individual needs.
It’s a Wild world. Are you protected? SM
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.
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